Aventus Bi-Weekly Update (Aug 4 — Aug 17)
August 17, 2021
In this edition of the Aventus update, you get an update of the recent Aventus x fruitlab partnership that brings 10m transactions + 500,000 more each month to AvN, press coverage, and more
You’ll also find:
- An update about how Aventus Network is moving into the NFT space to level it up with layer-2 scaling
- A technical update on AvN NFT functionality
- The third video from the new bi-weekly AMA series with CCO Anna Frankowska
- News that the next AMA video goes live on Friday with Aventus CTPO Andrey Brozhko
- Aventus Network transaction updates from Block Explorer
Let’s get straight to it…
Aventus x fruitlab partnership that brings 10m transactions + 500,000 more
With over 625,000 registered players in over 90 countries, and 100,000 monthly active users, fruitlab is an established and growing platform on web and app for the world’s gaming community.
The Aventus blockchain solution will securely and cost-effectively execute all fruitlab token transactions, bringing rewards for Aventus Network validators and a scalable, long-term framework for fruitlab’s community.
fruitlab is addressing the issues faced by gamers want to earn revenue on their gaming content by introducing its own token — PIPs.
Available today, PIPs are tokens for gamers that provide a secure method for creators to monetise content posted on fruitlab and for PIPs to be used to compete against each other for value.
The partnership with Aventus Network will see PIPs tokenised on blockchain to ensure the long-term scalability, efficiency and cost-effectiveness of fruitlab.
In excess of 500,000 PIP transactions per month are generated on fruitlab today. Once PIPs are tokenised, these transactions and associated fees will be processed via the Aventus Network.
A minimum of ten million historic PIP transactions will be onboarded. These transactions significantly increase the scale of the Aventus Network and therefore the potential value of staking as a validator for Aventus Token (AVT) holders.*
Following the initial onboarding process, fruitlab and Aventus Network will establish a system whereby content uploaded to the platform can be represented as non-fungible tokens (NFTs).
These will form a secondary market in which creators will be able to sell NFTs to other community members. Creators, or individuals who have purchased fruitlab NFTs, can then be credited with PIP tokens from fruitlab’s community when the content is viewed.
You can read the full press release at https://medium.com/aventus/gaming-social-network-fruitlab-selects-aventus-networks-blockchain-technology-to-process-fruitlab-602c5ddd50fc.
Press coverage from the fruitlab partnership
Press coverage for the Aventus x fruitlab partnership has been picked up by 100s of websites across the world including the following:
And many more, with potential interviews lined up with leading news organisations.
An update about how Aventus Network is moving into the NFT space to level it up with layer-2 scaling
The sales volume of NFTs has skyrocketed to $2.5 billion in the first half of 2021.
Artists, celebrities and organisations like Twitter, CNN and the US Space Force have jumped onto the trend. According to DappRadar, which tracks data on NFT sales platforms that are based on blockchain networks like Ethereum, noted the explosion in growth, particularly over the last 12 months.
Worryingly, however, Ethereum’s scaling issues may be a detrimental factor in the fast-growing NFT market.
Aventus Network is the next-generation solution that addresses Ethereum’s scaling issues while honouring Ethereum’s commitment to decentralisation.
How Aventus Network Levels Up NFTs
The mushrooming popularity of NFTs and the influx of collectors have led to congestion on the Ethereum network, resulting in impractically expensive fees for simple transactions. Aventus Network adopts layer 2 solutions to take a much-needed load off the Ethereum network, drastically improving scalability.
Improvement on Scalability and NFT User Experience
The Aventus Network (AvN) can theoretically scale to 2,000 transactions per second. This is 133 times more than Ethereum.Besides, the AvN will process a token transfer within 0.13 seconds. This is 100 times faster than the Ethereum blockchain. The instant resolution dramatically improves the experience for NFT trading. It also removes scalability-related constraints on developers when building services.
Almost Gasless NFT Transactions
The average transaction cost on the Aventus Network will begin at just $0.01 (paid in AVT) and decrease over time. This is 99% cheaper than the average Ethereum transaction fee over the past year.
Environmentally Friendly NFT Trading
The security of proof of work blockchains requires a lot of computations. Put it simply, they use a lot of electricity. Conversely, layer 2 solution Aventus Network spends much less energy to ensure the sustainability of NFT transactions.
The NFT market is booming like never before. Most NFT applications are built on the Ethereum network but it is the victim of its own success. Particularly, high gas fees and poor user experiences limit mainstream adoption.
With Aventus Network, a layer 2 solution that solves the bottlenecks of Ethereum, it will however pave the way for NFT mainstream adoption.
One day, you may see every item on the street have a digital twin in the blockchain world.
Aventus is ready to capitalise on the NFT revolution, and there will be lots of exciting news flow to that affect coming soon.
You can read our latest NFT blog in full here.
A technical update on AvN NFT functionality
To coincide with the AvN’s interest in NFTs, the tech team has begun preparations for introducing NFT functionality to the AvN mainnet, which requires a forkless upgrade.
This follows the introduction of NFT functionality on the Aventus testnet, which has already been tested and completed.
The work of introducing it to the mainnet centres around stress testing, key management, and payment integration.
- Stress testing: with respect to high volume transactions and a wide array of attack scenarios.
- Key management: The back-end automated creation of AvN keys for successful NFT bidders.
- Payment integration: FIAT functionality and new request from the current client, EOS
In terms of AvN fixes, there was a bug fix on the public AvN testnet.
The tech team noticed the summary was blocked. A new summary with an ID that had previously been accepted was being proposed for addition, and because the blockchain checks refused the repeated addition, summaries were stuck at that point, while block production continued.
Summaries are the proofs from the AvN that are sent to Ethereum to record that transactions that occurred within the summary period, were vetted and approved.
This has now been fixed.
The third video from the new bi-weekly AMA series with CCO Anna Frankowska
Aventus CCO, Anna Frankowska, took the reigns of the last AMA answering question from more of a commercial perspective.
Anna is a Forbes 30 Under 30 Europe Technology award winning entrepreneur, Economist by education with a diploma from University College London, and Investment Banker (RBS) by training with CFA Level 1 and FCA & PRA certifications.
Anna specialises in commercial strategy, partnerships and scaling products having successfully led companies in fintech, blockchain and entertainment industries.
She is also a World Economic Forum Global Shaper and sits on the advisory Board of The Oxford Guild Society.
Anna is responsible for Aventus commercial partnerships.
In the video she covers questions ranging from how $AVT can compete with stable coins and how Ethereum’s move from PoW to PoS affects Aventus, and much more.
News that the next AMA video goes live on Friday with Aventus CTPO Andrey Brozhko at 5pm UTC, 6pm UK, 7pm CEST
Where the first AMAs were hosted by CEO Alan Vey, and the last AMA was hosted by CCO Anna Frankowska, this week we are introducing you to Chief Technology & Product Officer, Andrey Brozhko.
Andrey has over 20 years of experience leading product and software engineering efforts, primarily in distributed systems and security applications, spanning large multinational companies and startups in Fintech, Blockchain and Cloud industries. Ex-R3 and Oracle, he is a graduate of Warwick University and holds an MBA and MSc software engineering degrees.
You can see a selection of the question Andrey will be answering from a tech perspective below.
Tune in on Friday at 5pm UTC (6pm UK, 7pm CEST) in the official Aventus Telegram group to watch.
Aventus Network transaction updates from Block Explorer
To date, the Aventus Network has processed 7.338m Total Transactions, with 655.5k of those coming in the past 30 days.
As a result, in the past 30 days, AVT stakers have earned a total of 9,311k AVT — a number that will continue to rise with new announcements.
The staking program is now more than 80% full and will close to new stakers at 100%.
To register for round two of the AvN Validator Registration Program, visit https://www.aventus.io/ecosystem/.
Again, to register for the Validator Program visit https://www.aventus.io/ecosystem/.